New Model Adviser - For professional financial planners

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

'Serious failings': GAM dismisses Haywood over ‘gross misconduct’

Asset manager concludes investigation into former head of unconstrained and absolute return.

'Serious failings': GAM dismisses Haywood over ‘gross misconduct’

GAM has dismissed its former head of unconstrained and absolute return, Tim Haywood, after concluding an internal investigation into the fund manager which began last year.

The dismissal of Haywood was announced as part of the company’s annual results for 2018, which interim CEO David Jacob defined as a ‘very challenging year’.

Haywood was initially suspended in July 2018 following an investigation into his conduct, which related to his management of several absolute return funds. He was retained as an employee while an investigation was undertaken.

GAM initially suspended trading of Haywood’s funds before announcing plans to liquidate his funds and relaunch the absolute return fund range with new funds.

In the latest results, the Swiss group announced the liquidation of the previous range is nearing completion.

GAM said 89-92% of the Luxembourg- and Irish-domiciled Ucits funds, and 66-72%5 of the assets in the Cayman master fund and the associated Cayman and Australian feeder funds were returned to clients since the funds were suspended last summer.

‘Since the beginning of the liquidation process, it has been GAM's priority to maximise liquidity and value for investors, while ensuring fair treatment to all clients.

‘GAM will continue the liquidation of the remaining CHF 1.5 billion ARBF assets with the same rigour and dedication that has characterised its approach so far. It expects that the liquidation will be completed in the next few months, subject to market conditions.’

In a statement focused on the Haywood investigation, the company said: ‘The suspended investment director has now been dismissed from the company for gross misconduct. There was serious failure to achieve the standard of skill and care which were to be expected of someone in his position.’


Share this story

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
More Content
7334.19 + 5 0.07% 04:35
More Content
More Content


Inside our Top 100: how 18 firms are keeping it fresh in 2019

Inside our Top 100: how 18 firms are keeping it fresh in 2019

We caught up with some of the firms that appeared in the 2018 New Model Adviser® Top 100 to hear about what they have been up to this year, and what they have planned for the future